Ripple aims for $1 breakout as bullish pattern emerges

Ripple (CRYPTO:XRP) is positioning itself for a potential surge toward $1, with recent technical analysis revealing a pattern similar to those that sparked rallies in 2017 and 2021.

According to the monthly XRP/USD chart, the altcoin previously achieved successful breakouts during the bull markets of 2017 and 2021, following a descending triangle formation.

In March 2017, XRP’s price dropped to $0.0062, forming a descending triangle.

Once a bullish engulfing candle broke out of this pattern, the price rallied to $0.020, eventually surging above $2 by December that year.

A similar pattern occurred in 2020 when XRP rose from $0.15 to $1.55 by April 2021.

Currently, XRP shows strong support between $0.43 and $0.48, although a green candlestick confirmation is needed for a breakout.

The Money Flow Index (MFI), a key technical indicator, also suggests a possible rally.

The MFI readings for 2017 and 2020 showed significant downturns before major price upswings.

Currently, the MFI appears to be aligning with this trend, which could indicate that XRP may rise toward or even above the $1 mark in the coming months.

To achieve this, XRP needs to reclaim the 38.2% Fibonacci ratio at $0.53.

If buying pressure increases after this point, the next potential target could be around $0.58.

However, if XRP fails to break through the current resistance, it risks retreating to the $0.50 level, or even lower to $0.46.

The cryptocurrency market remains uncertain, and while the historical patterns suggest a bullish trend, traders should remain vigilant of key market developments.

A sustained push above $0.53 could solidify bullish sentiment and pave the way for a move toward $1.08, but failure to do so could signal further consolidation or downside risk for XRP.

At press time, the XRP (XRP) price was $0.5284.